Former Glencore CEO Clinton Ephron is giving testimony at the Zondo commission of inquiry into state capture. Glencore purchased Optimum Coal Holdings in 2011, which includes Optimum and Koornfontein mines as well as a “generous” allocation at the Richards Bay Coal Terminal. This allows the effortless export of large amounts of high-quality coal mined at Optimum by the owner of Optimum Coal Holdings. He just said that Eskom can’t change the contract,” Ephron said. Eskom, Molefe in particular, continued to place Glencore under extreme pressure by enforcing a R2bn historical fine, which eventually forced Glencore to put the mine under business rescue.

Source: News 24 February 27, 2019 15:33 UTC